7% Cap Rate on existing net operating net income plus additional lots ready for vertical construction. History of good occupancy and steady increases in rental rates. The development (Picciola Reserve) consist of 11 lots with 8 lots developed (7 duplexes and 1 single family). The remaining 3 lots are ready to construct 5 additional rental units - 2 duplexes and another single family. Constructed in 2005 - 2007 by owner/builder. The duplex units average 1,250 sf per residence with single car garages and the single family home is 1,647 sf with a 2 car garage.
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